New Delhi, June 21 -- India and the 27-nation European Union will sign the free trade agreement by December and are likely to implement the pact during February- March next year, Commerce and Industry Minister Piyush Goyal said on Sunday.
On January 27 this year, India and the EU announced the conclusion of negotiations for the 'mother of all deals'.
"Now, with almost zero duty, almost the entire European market will be open for us. The EU's FTA (free trade agreement) will be signed by December and will be effective by February-March," Goyal said during an interaction with chartered accountants in Mumbai.
He also said that his US Trade Representative, Jamieson Greer, is coming to India this week to hold trade pact talks with him.
"The whole world is looking towards India," he added.
Under the India-EU FTA, about 93 per cent of Indian shipments will enjoy duty-free access to the 27-nation bloc, while imports of luxury cars and wines from the EU will become less expensive.
Taken together, India and the EU account for 25 per cent of the global GDP and one-third (about $11 trillion) of international trade (about $33 trillion).
Later, he told reporters that during the G7 Summit in France, the Canadian Prime Minister expressed a desire to conclude the proposed free trade agreement with India this year.
The two sides held the second round of negotiations for the Comprehensive Economic Partnership Agreement (CEPA) in May.
Moreover, the commerce and industry minister said the country's merchandise exports rose by about 15 per cent during April-June 14 this year despite global economic uncertainties.
The Commerce Ministry will formally release the export and import data for June on July 15.
Goyal said that despite 50 per cent tariffs imposed by the US, India's exports in 2025-26 recorded healthy growth.
"Even now, if we see April, May and 14 days of June. I have data until June 14, it (exports growth) is 15 per cent," he said during an interaction with chartered accountants in Mumbai.
India's exports climbed to a six-month high of 18 per cent to $45.2 billion in May, while the trade deficit widened to $28.21 billion.
During April-May 2026-27, exports rose 16.09 per cent to $88.91 billion and imports jumped 15.14 per cent to $145.35 billion. The trade deficit stood at $56.44 billion during the period.
He also urged the chartered accountants to contribute to make India a 'Viksit Bharat'.
"And where does Viksit Bharat begin? It begins in North Mumbai. We have to handle our own area first," he said.
Goyal is a Lok Sabha member from the Mumbai (North) constituency. He has called upon senior officials, including the municipal commissioner and corporators, to start a cleanliness campaign here tomorrow.
"We all have to make a collective effort for this. We keep our house clean, we also have to keep our area clean, keep our society clean, keep our kaarobaar (business) also clean," the minister said.
Published by HT Digital Content Services with permission from Millennium Post.